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By Chinenye Anuforo
Aavishkaar Capital, part of the Aavishkaar Group and known for its entrepreneurship-driven approach to impact-focused business growth, has announced its fourth investment in Africa in partnership with KfW, the German state-owned development bank.
The investment comes through Aavishkaar Capital’s Global Supply Chain Support Fund, which has provided a USD 5 million loan to Horizon Group Africa. This marks the fund’s eighth investment across the Global South and its fourth in Africa.
Horizon Group Africa specializes in aggregating and processing high-value spices such as ginger, turmeric, cloves, cinnamon, cardamom, and black pepper. Operating facilities in Nigeria, Tanzania, and Madagascar, the company supplies markets across Europe, Asia, and the United States. The loan will support Horizon’s working capital needs, particularly the purchase of raw materials to meet growing client demand.
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The Global Supply Chain Support Fund is a USD 250 million fund that targets investments in Africa and Asia, with a mandate to deliver both strong financial returns and measurable environmental, social, and governance outcomes. Its previous African investments include companies in ethical apparel production, denim manufacturing, and macadamia nut processing and export.
Founded in 2006 in Nigeria, Horizon Group initially operated across agro-commodities, processed foods, and furniture. In 2017, the company shifted focus to sourcing, processing, and exporting high-value spices from Nigeria, Tanzania, and Madagascar, regions historically renowned for spice production due to favorable climate and soil conditions.
Horizon processes both organic and conventional spices. Rising global demand for organic products has strengthened the market for its organic spices, enabling higher prices and improved margins. The company maintains direct relationships with over 3,000 farmers, offering training in good agricultural practices, forming cooperatives, and ensuring organic certification and traceability.
“We are excited to partner with Aavishkaar Capital as we enter the next phase of growth,” said Jomy Antony, CEO of Horizon Group. “Their expertise in scaling businesses, improving governance, accessing global markets, and unlocking capital will be invaluable in building Horizon into a leading African spice processor.”
Darren Lobo, Director at Aavishkaar Capital, added, “Horizon Group’s management team brings over 80 years of combined experience in spice cultivation and trade. Their work with thousands of farmers and long-standing relationships with global customers make them a strong partner for building one of Africa’s largest spice processing companies.”
Dr. Markus Aschendorf, Head of Division at KfW, said, “Our investment in Horizon Group through the Global Supply Chain Support Fund reflects KfW’s commitment to sustainable supply chains in Africa and Asia. We believe purpose-driven capital can drive meaningful ESG impact while fostering inclusive growth. Horizon’s dedication to ethical sourcing and regenerative agriculture aligns with our vision for resilient businesses that meet global standards.”
